Cottonseed oilcake futures down as traders trim position

Cottonseed oilcake prices drifted lower by Rs 28 to Rs 1,976 per quintal in futures trading today as speculators were seen trimming their positions, triggered by a weak trend in the physical markets.
In futures trading at the National Commodity and Derivative Exchange, cottonseed oilcake for delivery in most-active December month contracts dropped by Rs 28 or 1.40 per cent to Rs 1,976 per quintal, with an open interest of 68,780 lots.
Also, delivery in far-month January next year contracts was trading lower by Rs 20 or 1.00 per cent to Rs 1,972 per quintal, having an open interest of 38,840 lots.

Marketmen said offloading of positions by participants amid weak trend at the spot markets where prices fell due to persistent supplies against muted demand, led to fall in cottonseed oilcake prices at futures trade here.